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You're right, they aren't the first. That said, when I use accounting software, it's pretty obvious to me that I am going to be sharing my transaction history w

You're right, they aren't the first. That said, when I use accounting software, it's pretty obvious to me that I am going to be sharing my transaction history with the accounting software. When I connect my bank account to Venmo, it is absolutely not obvious to me that I'm sharing my entire transaction history with Plaid. Replicating the appearance of my bank's login screens is critical to the illusion. Even if I did understand that they are storing and using my credentials, I should be able to expect from a reputable business that they are not scraping irrelevant transaction data and then using it for purposes that don't explicitly support the app I am using. Selling my transaction history definitely isn't supporting the use case I'm authorizing.

milesskorpen 6y ago
Fortunately, Plaid doesn’t sell your transaction history, so this isn’t a concern.
- Cederfjard 6y ago
  Going by what was posted further up in the thread, that seems to be what TD Bank alleges in their suit?
  - milesskorpen 6y ago
    If you authenticate with <mortgage broker> via Plaid, then the broker pays plaid money and the broker gets your bank information. So I suppose in a sense that's "selling your data," but I don't think that's what people are concerned about: You explicitly sign into the mortgage broker to give them data! What Plaid has said on record they DON'T do is take that data they provided to the broker, bundle it up, and then sell it to marketing firms or hedge funds or other random third parties for which the user didn't explicitly ask their data to be shared. See: https://www.americanbanker.com/news/lawsuit-against-plaid-heightens-focus-on-data-privacy-issues https://www.americanbanker.com/news/lawsuit-against-plaid-he... “Plaid does not sell and has never sold consumers’ personal information or data. Consumer data is obtained and used with consumer consent. Plaid believes strongly that consumers should have permission-based access to and control over their financial data, and embodies these principles in its practices." That's pretty strong language.
- o-__-o 6y ago
  READ: https://plaid.com/legal/#consumers https://plaid.com/legal/#consumers
  - tazard 6y ago
    Any chance you could point me to something more specific? From your link I found this: > We do not sell or rent personal information that we collect.
    - sangnoir 6y ago
      Alternative title to this thread is "Plaid fails to sell customer data to Visa" (along with code, and the rest of the company). Consumers, as well as Plaid, have no idea where this data is going to end up ultimately, depending on who winds up getting control of Plaid. What are the odds of Private Equity acquiring Plaid and "leveraging synergies" with the pay-day loan company in their portfolio? I think the odds are greater than zero.
    - cbsks 6y ago
      “We may collect, use, and share End User Information in an aggregated, de-identified, or anonymized manner (that does not identify you personally) for any purpose permitted under applicable law.”

milesskorpen 6y ago

Fortunately, Plaid doesn’t sell your transaction history, so this isn’t a concern.

Cederfjard 6y ago
Going by what was posted further up in the thread, that seems to be what TD Bank alleges in their suit?
- milesskorpen 6y ago
  If you authenticate with <mortgage broker> via Plaid, then the broker pays plaid money and the broker gets your bank information. So I suppose in a sense that's "selling your data," but I don't think that's what people are concerned about: You explicitly sign into the mortgage broker to give them data! What Plaid has said on record they DON'T do is take that data they provided to the broker, bundle it up, and then sell it to marketing firms or hedge funds or other random third parties for which the user didn't explicitly ask their data to be shared. See: https://www.americanbanker.com/news/lawsuit-against-plaid-heightens-focus-on-data-privacy-issues https://www.americanbanker.com/news/lawsuit-against-plaid-he... “Plaid does not sell and has never sold consumers’ personal information or data. Consumer data is obtained and used with consumer consent. Plaid believes strongly that consumers should have permission-based access to and control over their financial data, and embodies these principles in its practices." That's pretty strong language.
o-__-o 6y ago
READ: https://plaid.com/legal/#consumers https://plaid.com/legal/#consumers
- tazard 6y ago
  Any chance you could point me to something more specific? From your link I found this: > We do not sell or rent personal information that we collect.
  - sangnoir 6y ago
    Alternative title to this thread is "Plaid fails to sell customer data to Visa" (along with code, and the rest of the company). Consumers, as well as Plaid, have no idea where this data is going to end up ultimately, depending on who winds up getting control of Plaid. What are the odds of Private Equity acquiring Plaid and "leveraging synergies" with the pay-day loan company in their portfolio? I think the odds are greater than zero.
  - cbsks 6y ago
    “We may collect, use, and share End User Information in an aggregated, de-identified, or anonymized manner (that does not identify you personally) for any purpose permitted under applicable law.”